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THQ Is No More. Here’s The Letter The CEO Sent Employees Today.



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#1
OFFLINE   SimonSDH

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Today, THQ was officially sold and auctioned off. Within the next few weeks, the company will be no more.

The company's assets have been divided: Sega agreed to purchase Relic (Company of Heroes), Koch Media has agreed to purchase Volition (Saint's Row) and the Metro property, Crytek has agreed to buy Homefront, Take-Two will purchase the unannounced game Evolve, and Ubisoft will buy THQ Montreal and the South Park game.

 

Here's the letter that THQ's CEO and president sent to all employees, passed along to us from a former THQ employee:

 

"To All THQ Employees:

 

We now have the answers we've been seeking through our financial restructuring and Chapter 11 case. While much will be written, here are the facts of the bids and auction that occurred:

 

Yesterday morning, we received a competing bid for the operating business, along with Clearlake's offer, and numerous offers for separate assets.


During an auction process that lasted over 22 hours, the final conclusion was that the separate-asset bids would net more than a single buyer for the majority of the company.


Shortly, we will, present the results to the U.S. Bankruptcy Court, which must concur with our assessment.


The proposed sales of multiple assets is as follows :


Yesterday morning, we received a competing bid for the operating business, along with Clearlake's offer, and numerous offers for separate assets.
During an auction process that lasted over 22 hours, the final conclusion was that the separate-asset bids would net more than a single buyer for the majority of the company.
Shortly, we will, present the results to the U.S. Bankruptcy Court, which must concur with our assessment.

 

The proposed sales of multiple assets is as follows :


* Sega agreed to purchase Relic
* Koch Media
agreed to purchase Volition and Metro
* Crytek
agreed to purchase Homefront
* Take 2
agreed to purchase Evolve
* Ubisoft
agreed to purchase Montreal and South Park

 

We expect these sales to close this week.

 

Some assets, including our publishing businesses and Vigil, along with some other intellectual properties are not included in the sale agreements. They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.

 

 

What this means for employees

 

We expect that most employees of the entities included in the sale will be offered employment by the new owners. However, we cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership. You should receive notice this week or early next week if the new owners intend to extend employment to you. Please note that the terms of your new employment, including pay and benefits, may be different from the current terms of your employment with THQ.

 

If you are an employee of an entity that is not included in the sale, we regret that your position will end. A small number of our headquarters staff will continue to be employed by THQ beyond January 25 to assist with the transition. THQ has sufficient resources to pay these employees for work going forward, and we will be contacting these employees immediately to ensure their continued employment during this transition period. We are requesting the ability to offer certain severance pay to minimize disruption for employees of non-included entities as they determine the next steps in their careers.

We know you will have many questions about this news. We'll be meeting tomorrow when we return to talk through this announcement and to answer any questions you have.

You will receive a benefits fact sheet and FAQs with answers to some questions that may be on your mind. Please review these materials closely.

 

A personal note

 

The work that you all have done as part of the THQ family is imaginative, creative, artistic and highly valued by our loyal gamers. We are proud of what we have accomplished despite today's outcome.

 

It has been our privilege to work alongside the entire THQ team. While the company will cease to exist, we are heartened that the majority of our studios and games will continue under new ownership. We were hoping that the entire company would remain intact, but we expect to hear good news from each of the separate entities that will be operating as part of new organizations.

 

For those THQ employees who are part of entities that are not included in the sale, we are confident that the talent you have displayed as part of THQ will be recognized as you take the next steps in your career.

 

Thank you all for your dedication and for sharing your talent with the THQ team. We wish you the best of luck and hope you will keep in touch.

Sincerely,

 

Brian Farrell
Chief Executive Officer

 

Jason Rubin
President"

 

Kotaku.com

 

 



#2
OFFLINE   THEE CHUCKNASTY ™

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So, how long before the severs are shut off?



#3
OFFLINE   BrokenDreams23

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THQ is finally dead, poor bastards. I hope that no one is put out of work & can find jobs elsewhere quick.



#4
OFFLINE   A•A•Ron

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I'm kinda sad about this. At the same time I wanna be optimistic about what the future holds for the different assets.



#5
OFFLINE   SimonSDH

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So, how long before the severs are shut off?

Good question, I guess we'll have to wait and see :\



#6
OFFLINE   BombCentralGaming

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It happend, at times like this you just don't what to say tbh.

 

Though any news on where WWEGames is heading?



#7
OFFLINE   Dre Hype

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I've heard two rumors of WWE Games going to Ubisoft and another going to EA Sports, claiming EA got the license last week. I'm really scared now. You saw what they did to WCW games!



#8
OFFLINE   Alex

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Damn, I feel for everyone whom has lost their job at THQ, nobody deserves anything like that.

 

Soon the servers will be shut down too I'm guessing.

 

#RIPTHQ



#9
OFFLINE   SECOND_CITY_SAINT

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Wow we knew it was coming but now its actually here. The end of an era. Lol



#10
OFFLINE   BrokenDreams23

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Half of the top 10 trends on twitter right now are THQ related.


Edited by BrokenDreams23, 23 January 2013 - 10:52 PM.


#11
OFFLINE   TheBoy

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They had a good run. #RIPTHQ



#12
OFFLINE   Dårragh

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Kinda sad to see a company I grew up with die,but in the end we all knew this was coming #RIPTHQ.



#13
OFFLINE   Tyler Joseph Smith

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So, will there be a WWE '14?



#14
OFFLINE   SECOND_CITY_SAINT

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Kinda sad to see a company I grew up with die,but in the end we all knew this was coming #RIPTHQ.

Agreed long time coming still sad to see em go. #ENDOFANERA #RIPTHQ



So, will there be a WWE '14?

Most likely be scrapped.



#15
OFFLINE   Jet

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Well, that sucks. I kinda miss THQ a bit.

#16
OFFLINE   The 10th Doctor

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I feel for the decent people who worked for thq but I am happy no more BS from Cory and Aubry I couldn't stand those two airheads



#17
OFFLINE   Kdeezy810

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Damn were is wwe games going

#18
OFFLINE   The 10th Doctor

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Damn were is wwe games going

Take Two games has them now



#19
OFFLINE   Hardkore jai

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I feel for the decent people who worked for thq but I am happy no more BS from Cory and Aubry I couldn't stand those two airheads


Same here I swear if Aubrey ends up community manager...... I'm gonna blow a gasket lol

Well, that sucks. I kinda miss THQ a bit.


What weren't you ranting about the servers? Lol

#20
OFFLINE   Sir Vee Wells

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http://en.wikipedia....Two_Interactive

WWE: San Andreas is coming to a store near you.



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